US dollar hits highest level of country’s history against Pakistani Rupee

KARACHI (92 News) – US dollar hits highest level of country’s history against Pakistani Rupee as Pakistan’s central bank lost its clutch on the US dollar as it appreciated to Rs166.13—its highest ever on Thursday. The value of the US dollar against the rupee rose Rs4.53 to Rs166.13 in the interbank market. The dollar rate increased by Rs7.46 in a week. Prime Minister Imran Khan has taken the notice of hike in value of dollar and its hoarding.  However, the SBP initiated the inquiry. The meeting of currency monitoring is expected tomorrow. A day earlier, the dollar touched Rs161.6 against the rupee from Rs159 on close of business on Tuesday, according to the ready rates provided by the State Bank of Pakistan. The SBP’s latest data had revealed that outflow of investment from T-bills in the first 20 days of March rose to $1.614 billion, which took the net foreign holdings in government papers down to $1.461bn from the peak of $3.4bn. Since then, the dollar has jumped by a cumulative Rs11.75 (or 7.6pc) to Rs165.50 as of today afternoon, compared to Rs154.25. The Pakistani rupee has, just since last Wednesday, depreciated 4.1 per cent against the dollar. It traded in the interbank market at 158.5 then.